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Do you need earthquake insurance?

4/23/2016

 
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Yes, you need earthquake insurance.

Besides our August 2014 quake, there is a seven out of 10 chance that Napa gets hit with “The Big One” sometime in the next 30 years. If we do, thousands will be homeless. You could lose everything. This is a sobering fact.

Why do so few homeowners have earthquake insurance?
Only 5.3 percent of Napa county homeowners have earthquake insurance. That’s compared to 12 percent of all California homeowners who have an earthquake insurance policy. There are five common reasons I hear for not having earthquake insurance.

Let me answer each of these objections:

“My homeowners insurance covers earthquake, right?”
Wrong. Your homeowners insurance almost never covers earthquakes. The exception is that most policies cover fire damage after an earthquake, as in the case of the mobile homes that caught fire in the South Napa Earthquake. I’m still surprised at how many of my friends and neighbors still think that they are covered by their homeowners policy for quake damage.

“I can’t afford it.”
Earthquake insurance is not cheap. I won’t argue that. For example, premiums for a $400,000 one story home in Napa can range from $1,500-$2,000 a year or more, depending on deductibles and optional coverage choices. For many homeowners, this is a lot of money. But compared to the total loss of your home when the Big One hits, it’s a small price to pay.

“The deductible is too high.”
I agree. The deductible is high. The typical CEA (California Earthquake Authority) deductible is 15 percent of the insured amount of your home. This is a lot of money to come up with before a claim gets paid. However, if an area is declared a Federal Disaster, as Napa was in 2014, grants and loans become available to help with your deductible. Deductibles should never be a reason to neglect earthquake coverage.

“The government will bail me out.”
No it won’t. Even though Napa received more than $30 million from the federal government last year to help with the damage, that help was spread out among 550 homeowners and businesses. The grants and loans were designed to help — not to totally rebuild. Most of that financial assistance was in the form of loans, which must be repaid. The government will not rebuild your home.

“It won’t happen to me.”
Not many people actually say this. But they might think it. However, the facts say otherwise. According to the CEA, there is a 68 percent chance of a 7.0 earthquake in Northern California sometime in the next 30 years. That’s an earthquake 10 times more powerful than the one we experienced in 2014. A quake far worse than last year’s disaster is not just possible; it’s likely.

You need earthquake insurance.

The Big One is coming. Its little brother, the 2014 South Napa Earthquake, reminded us of that. It’s not a question of “if.” It’s only a question of when. Talk to your agent about earthquake insurance today.

​Don’t put it off.

Windshield worries and other glass questions

4/20/2016

 
​One of the most misunderstood things about car insurance is glass coverage. Let me share a few of the common questions I get on this subject. Maybe you've had these questions too.

WHAT HAPPENS IF MY WINDSHIELD BREAKS IN A CAR ACCIDENT?
There's a bad car accident. Everyone is ok, but your windshield is shattered. If the accident is your fault, your Collision Coverage kicks in and will repair your broken glass. You will have a deductible of course. But your windshield gets replaced. All of that is assuming you have Collision Coverage. It's optional, and not everyone has it. However, if you have a car loan, you most likely have it. Make sure that you check your policy to find out if you do. If the accident is the other person's fault, their insurance will fix your windshield with no out-of-pocket for you.

WHAT HAPPENS IF MY AUTO GLASS IS DAMAGED IN SOME OTHER WAY?
You're driving down the road, and suddenly you hear a loud "bang!" A fast moving rock has cracked your windshield. That's when your Comprehensive Coverage kicks in. It's also known as "Other Than Collision" coverage. Typical glass-related claims that would be covered under Comprehensive Coverage are: a rock hits your windshield or a vandal smashes your car window in the middle of the night.

Comprehensive Coverage is similar to Collision Coverage in that you are not required by law to have it. It's optional. But just like Collision Coverage, if you have a car loan, your lender usually requires it. Also, just like Collision Coverage, your Comprehensive Coverage usually has a deductible.
​
IS MY WINDSHIELD THE ONLY GLASS THAT IS COVERED?
If you have Collision and Comprehensive Coverages, all of your safety glass is covered, including the rear glass and the side windows.

WHAT IS FULL GLASS COVERAGE, AND HOW IS THAT DIFFERENT?
“Full glass coverage” means that no deductible is applied to your glass-only claim. Insurance companies typically call this "Safety Glass Waiver." But there are some conditions. Your deductible is waived if the only damage to your vehicle is the glass.  If there is damage to the rest of the car, the glass damage is lumped in with the entire claim, and your deductible would still apply. This coverage is optional, and there is a small extra premium for it.

SHOULD I HAVE FULL GLASS COVERAGE?
In my opinion- yes. Even if your vehicle is older and no longer has a loan on it, it is usually not too expensive to add Comprehensive Coverage and Safety Glass Waiver. One reason for having this coverage is that in California it is illegal to drive with a cracked windshield. We all know how easy it is to pick up a stray rock on our rural roads, and rocks break windshields. So:
  • Windshields are expensive.
  • You won't be able to legally drive with a cracked windshield.
  • Talk to your local insurance agent and make sure you have the coverage that is right for you.

​------------------------------------------
Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com

You got a speeding ticket. Now what?

4/6/2016

 
You’re driving along on a beautiful spring day in the Napa Valley with the windows down and enjoying bud break in the vineyards. It’s so beautiful that you forget to watch your speedometer. Suddenly you see flashing lights in your rear view mirror.

Your day just went from “Oh what a beautiful day” to “How fast was I going, officer?”

You sit and wait. It seems like forever, and you hope for a warning ticket. But it isn’t a warning. It’s the real thing. A speeding ticket.
 
How much will this ticket cost you?
The cost of a speeding ticket in California can be deceptive. The “base fine” is low- just $35 if you were going 1-15 miles per hour over the limit. If you were really speeding, say between 16-25 miles per hour over the limit, it’s still relatively cheap. The base fine is only $70.

If it were just the base fine, the speeding ticket would be nothing more than a minor inconvenience. But there’s more. California adds a 20% surcharge on all speeding tickets, and there are 9 additional fees tacked on to your ticket after that. With these added “assessments,” your California speeding ticket will cost you at least $234. If you were going 16-25 mph over the limit, get ready to pay closer to $400.
 
Will your insurance rates go up?
Here’s where the cost starts to add up. California uses a point system. A normal speeding ticket is one point, and stays on your public record for three years. Insurance companies use this public record to calculate your premium.
When your insurance company sees a point on your record, you can expect your car insurance rates to go up 15% or more for at least three years.

According to NerdWallet.com, the total cost of a speeding ticket in California for going just 15 mph over the limit was $709.59 in 2014, and most of that is due to the increased cost of insurance!
 
Can you do anything about it?
Yes, you can! The key to beating the insurance rate increase is to hide the ticket from the insurance companies. That sounds sneaky or wrong. But it’s not.
​
California law allows for “masking” the ticket from public record… and your insurance company’s eyes. The state will still know that you got that ticket, and your “point” will stay on your record for three years. But it won’t be public. And your rates won’t go up. It’s really that simple.

What’s the catch?
You have to attend traffic school.
 
What you need to know about traffic school.
  • You can’t go to traffic school for major offenses.
  • You can only go to traffic school once every 18 months.
  • You have to follow all the rules, pay the proper fines and meet certain deadlines.
 
Final advice.
Go to traffic school. It’s a pain- 8 hours and a test. But it will save you hundreds of dollars over the next few years. Call your local agent for more advice.

​------------------------------------------
Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com
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    Bruce Sackrison

    Napa, California
    (707) 931-018

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